Jan. 8, 2011
-- When we go to banks or any other financial institute to apply for a loan, some sort of security in the form of assets is required to qualify for the loan, and if you have a bad credit score you may not even be allowed to apply. People in these situations can opt for a guaranteed personal loan. There are financial institutions that offer these loans but a majority of them are online. A person who is legally an adult, can provide proof of income, and has a sustainable checking account are qualifies to apply for such personal loans.
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The best thing about such personal loans is that they may check your credit rating, but do not take it as a priority The credit rating can be compared with records in the major credit institutes. Many times because of lapse in repayment of the loan capital you may suffer a decrease in your credit score, and if charged with bankruptcy your credit score will become negative. At such times when you desperately require money and need loans but because of your bad credit score can't qualify to get one there is another option you can go for.
Bad credit unsecured personal loans are there to help those who even after trying for normal loans and don't have any personal assets to put down as collateral can get some loan money by applying for these loans. To qualify for these you require the same properties as mentioned above but here even if you have a bad credit score and have had a bankruptcy statement in the past (currently free of bankruptcy charges) you can still get these loans, also no assets have to be put up as security, the only disadvantage is that the rate of interest payable on these loans is very high as compared to normal loans, but if the repayment time is extended the individual amounts are manageable.
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